2016 is the Year to own your Dream Car

Buying your own car is one of the most economical purchases that you will make in your life. Your car will take you place, literally speaking. Having your own car implies that you longer have to travel as per someone else’s schedule or timings, you can choose when you want to leave the comforts of your home and when you want to return to it at the end of an exhausting day. Having said this, however economical the need to have own car is, this need is most definitely not cheap. There are two kinds of people when it comes to making a decision as to what kind of car they would like to own. The first kind is comprises of those who would want to purchase a car that will simply satisfy their need of having their own transport, they will look at this purchase as a mere need. Now, the second kind comprises of those who will not only look at this purchase as a need but also a want. These individuals when thinking about having their own car, will evaluate the purchase as not merely satisfying this need but also their want to own “the” car that they have always desired because they anyway need to buy a car, so why not buy one that they really want? It is like hitting two birds with one stone.

car loan at minimal interest rate

No matter which category you fit into, you still have a hefty purchase to make. You not only have to make the decision of which car you want to buy but also how you are going to fund it. The answer is staring right at you – car loan. Paying for your brand new car does not have to be strenuous on your finances and a compromise on your lifestyle because this new year, the leading banks in Singapore are offering some of the best car loan interest rates. Take for example DBS bank – they offering their car loan at a minimal interest rate of 2.28%. They also financing of up to 60% of your car’s purchase price. Furthermore, you can stretch your repayment with a tenure of up to 5 years which reduce your monthly installments to a meager SGD 371.

Standard Chartered bank also falls within the same range where the bank is offering their Auto Financing Loan at an interest rate of 2.68% with a 5 year tenure that brings your monthly installment to SGD 378 for a minimum loan amount of SGD 10, 000. UOB bank is also offering the same deal with their car loan with an interest rate of 2.68% and a 5 year tenure and monthly installment of SGD 378. However, this loan is not applicable on OPC and China Made Cars.

Maybank and OCBC banks are offering car loans at an interest rate of 2.985 for a 5 year tenure and a monthly installment of SGD 383. With Maybank, this loan offer is not applicable to used and rental cars. OCBC on the other hand charges a Loading fee of SGD 200 if your loan amount is lesser than SGD 15, 000.

With the car loans offered at such competitive rates, owning a car has never been this simple and stress free. This year, your resolution can be to not depend on anyone else and be as independent as you can with your own mode of transport b having your dream car and banks that make this dream come true by offering some of the best interest rates for car loans.


Your Dream Car is no longer a dream with Maybank Car Loan

Owning a car in this day and age is no longer a necessity, but a luxury and desire because when we seek out to buy a car, we do not simply look for the cheapest or the most economical car. We want one that looks flamboyant with comfortable seating, spacious so we can take it out on short trips, one that is fast and so on. It is not merely a solution to our transportation problems, we want to buy a car that makes heads turn and eyes ogle when we pull it out of the garage. These cars are our dream cars because owing them is a dream. What we want is not always what we can afford and what we can afford are not part of our dreams because let’s face it, none of dream about the things we already have in life or that we can have if we want to, we dream about those things that we can’t have like our dream cars.


If you can find the perfect car loan, owning your dream car can now become a reality leaving more room for us to dream about other things. Maybank is among the leading banks in Singapore today for providing top notch banking products and financial services at affordable costs to its customers. It has made many of their customers’ dreams come true whether it is providing financing to buy their perfect home, their dream car, higher education overseas, providing credit cards to students and so on.

No matter what loan you decide to take in life, interest rates are always a burden to bear and can even bankrupt your savings. However, using Maybank Car Loan, you can now save significantly on the interest as the bank is offering extremely competitive rates when compared to any other bank or financial institution on the island. The interest rates offered start as low as 3.25% per annum. Maybank is providing up to 60% financing for the purchase of your car or the valuation price, depending on whichever is lower. In an economy where interest rates are always bouncing around and fluctuating more than your mood, you can avail an attractive interest rate package with a flat rate scheme where market fluctuations are no longer a bother. You can also choose a financing option of up to 5 years so you own your dream car and also maintain your current lifestyle without much compromises because your monthly installments will remain fixed throughout the entire repayment period.

The Maybank Car Loan does not only apply to new cars, you can also apply for this loan for used cars. Whether the car is less than 10 years or almost 20 years old, you can receive up to 60% financing for it, the only catch here is that the age of the car plus the tenure of your loan should not exceed 10 years. If it doesn’t, you can opt for a loan tenure of up to 5 years.


Whether you are a Singapore Citizen, a Singapore Permanent or a Foreigner, you are still eligible to apply for the Maybank Car Loan as long as you have the supporting documents such as your NRIC, employment pass etc. You only need to be at least 21 years old and all is well.

So what are you waiting for, go turn your dreams into reality because at the end of the day, you must leave no stone unturned and now you can turn all other stones with your fancy new dream car.

OCBC Car Loan Singapore Features & Benefits

A car is not just a necessity, it is also a symbol of luxury and can help you to commute safely, make a lifestyle statement and make sure that you do not have to invest your energy on traveling by public transport. If you are someone who does not own a car, you can always opt for a car loan and make sure that you are able to drive your dream car. These days, there are many banks and financial institutions in Singapore that offer car loans at very attractive interest rates. Besides, they also offer a higher loan amount to make sure that you can purchase the car that you like. OCBC is one of those banks and with an OCBC Bank car loan buying your dream car will not be a difficult task at all.

car loan singapore

About OCBC Bank

The Overseas Chinese Banking Corporation (OCBC) is one of the top banks in Singapore and is in fact one of the few local banks of the island. The bank offers a wide range of banking products and services that include car loans, credit cards, personal loans etc. OCBC is a very reliable bank and has received some of the most prestigious awards in the world of banking and finance. If you opt for any of the products offered by the bank, you can be assured that you will enjoy world class service and will also enjoy maximum transparency in terms of policies and guidelines. OCBC Car Loans have been designed to help people in purchasing the car of their choice without any difficulty.

Benefits and Features of OCBC Car Loan

The best part about applying for a car loan with OCBC Bank is that, the loan amount offered will be very high and it can be as high as 60 – 70 percent of the value of the vehicle. The amount offered is relatively lower if the vehicle that you purchased is relatively old and is not in the best of conditions. However, if you avail the loan to purchase a new (or even an old) vehicle that is in excellent condition, the amount offered will be very high and you will not have to spend a lot of money on making the initial downpayment for the vehicle.

The interest rate charged with the bank is very attractive and so your total cost of borrowing will be relatively low. As the interest rate will be comparatively low, the monthly instalment payments will also be lower and so you will not find it difficult to pay off the loan amount. You will also enjoy flexible repayment periods and can pay off the borrowed amount at your convenience. If you are a premier customer of the bank or if you are an individual with a high credit score, you can also expect to receive relatively lower rates of interest with the loan along with other beneficial features.

You should be an individual aged 21 and above with a higher annual income to be eligible for the loan. You can easily contact the bank to know about their eligibility criteria and if you find that you are eligible for the loan you can visit any of the branches of the bank or contact their customer service team to apply for the loan. The loan application will also be processed very fast and if it is approved, the loan amount will be disbursed in no time.

How to drive away in your dream car?

One day when you were on your way to work, walking as usual, you saw people travelling in their own vehicles and remembered that dream you had of owning a car. So, after work, you go to a car showroom, find a car that you really like and then realise that you cannot afford it. What do you do then?


A car loan is the solution to your problem. In the process of saving money to fulfil their dreams, most people become old and lose the excitement they once had. A car loan helps you fulfil your wish of possessing a car while you are still young.

Today there are many banks and financiers who provide loans for new and used cars. Choosing the best financier, among the lot is something that needs to be done very carefully. There are a lot of fraudulent companies ready to take advantage of people, so one should take car loans from a trusted financier only. A person should check the license of the car dealer before buying a car from him to avoid being cheated.

Before applying for the loan, you should be sure that the car you are planning to buy is the right one for you. Look at other similar options and choose the car that suits your budget and requirements best. After that, you should compare the car loans provided by different banks. Thanks to the internet, a person can now compare car loan quotes provided by various banks online. Comparing quotes help a person find out the best loan for him. It also helps one find a car loan with a low interest rate, the maximum quantum of finance, flexible repayment period, etc. You can also find car loan guides online which will help you understand everything about the same.


The rate of interest is one of the most important things you should look out for while applying for a car loan. You should read all about interest rates before taking a car loan as it has a major impact on your equated monthly installments (EMI). There are two types of interest rate options – fixed and floating. If you choose the former, it will help you plan your EMIs and finances in a very systematic manner and you can choose the latter if you plan to pay off your loan as quickly as possible. The fixed rate of interest saves a person from any rise in the rates after he takes the loan.

Finding out all information about a particular car loan before taking it will also help you discover all the hidden fees and charges. For example – penalty on irregularity, prepayment fees, etc. Banks also ask for down payment when you apply for a car loan. Down payment is the amount of money you put in from your end to buy the car. Higher amount of down payment means a little less liability for you as it reduces the amount you have to take as a loan. In Singapore, there is a limit on the amount banks can give as car loans, so people should prepare themselves accordingly.

These are just a few tips you can use while applying for a car loan. You should contact the bank from which you are taking the car loan for more details on the same. Getting a loan is no big deal, but try and repay it as soon as possible to avoid any delay and also to be free of the debt.

Once you get the loan, buy that dream car of yours and enjoy long drives with your loved ones.

Things to Consider While Applying for a Car Loan in Singapore

Buying a car is an exciting and remarkable milestone in an individual’s life. Driving your own car is indeed an achievement but before that there are a lot of factors that have to be considered. For a working professional, a car loan is the best source of funds to fulfill his dream. Banks in Singapore offer numerous car loan options with exciting deals and added benefits for various car models. Though this seems to be tempting, have you thought about the factors that you should actually consider before availing a car loan from any financial institution. Most of us are misled with attractive offers from financial institutions and we often might decide to go for the wrong car or car loan. But before you actually set out on your car loan journey, stop for a minute and think whether you are making the right decision.

Here are a few pointers to help you decide:

Is this the right car for me?
Banks give loans based on the car model and the income criteria of the applicant. Though you would have a ‘’dream” car, make sure it is the right car. Further, the affordability of the car should also fit into your wallet. Select a car that fits into your budget and is cost-effective along with providing you with convenience. Also pick a car that actually meets your everyday needs.

Car Loan in Singapore

Determine your down payment amount –
Since the Monetary Authority of Singapore (MAS) has put in a cap for the loan amounts limiting it to 50% to 60% of the purchase price for car loans, customers should plan and determine how much they would be paying as down payments. The more down payment amount you put in the more your benefit. You don’t have to pay huge amounts of monthly installments along with the burden of interest rates.

What interest rate is the bank offering you?
Car loan interest rates are a major factor to be considered while availing a car loan. Understand how interest rates work with regards to a car loan. Compare and choose a car loan with affordable interest rates, which in turn reflects on your monthly installments. Since car loans are calculated as simple interest rates, always choose a car loan that best fits your pocket.

Bank. Interest Rate.
DBS Bank 2.40% p.a (flat rate)
OCBC Bank 1.60% p.a (fixed rate)
UOB Bank 3.25% p.a (new car), 3.87% p.a(used car)
Citibank 1.48% p.a (Citi Direct Car Loan), 2.28% p.a (Citi Classic Car Loan)
Maybank Starts from 3.25% p.a
Standard Chartered Bank 3.50% p.a (flat rate)

Maximum loan amount –
The maximum loan amount offered depends on the market value of the car that you want to purchase. In most cases, you can avail up to 60% of the market value of the vehicle as a loan, if its market value is S$20,000 or less. If the market value of the vehicle is greater than S$20,000, the loan amount offered will be up to 50% of the market value. However, the maximum loan amount offered with car loans in Singapore also differs from one bank to the other. Please get in touch with the bank representative to get a fair idea of the loan amount that will be offered to you.

Prepayment charges –
Banks generally impose penalty charges on customers prematurely closing their car loans. When you avail a car loan, always check out the bank’s pre-closure charges. If you intend to close the loan early, buyers should always take note of the additional charges that the bank will be levying during that procedure.

Other hidden charges –
Make sure that the financial institution that you have opted for is completely transparent during the entire car loan sanction procedure. Be aware of all the extra charges that the institution will impose along with the car loan.

Is insurance a requirement?
Yes. Opt for a car loan that also allows the option of purchasing a car insurance policy to secure your new vehicle. Take a comprehensive car insurance policy which covers personal accident, third party insurance along with complete protection for your car.

Pocket Friendly Car Loan Scheme by OCBC Bank

Are you one of those people who often think of buying their dream car but keep postponing it? Primarily, because the idea of applying for a car loan and going through the required formalities intimidates you? In this fast paced age of technology, who wants to go through the tedious process of researching for the perfect car loan scheme to avail it, right? Well, OCBC Bank car loan simplifies the entire process, and gives you the best deal.

Founded in 1932, Oversea-Chinese Banking Corporation Limited(OCBC) is a very popular and trusted banking and financial services institution. Headquartered in Singapore, the bank boasts of being one of the largest banking organisations in the country. Offering a wide array of banking services, OCBC is very popular for the innovative products it provides in areas of Retail banking, Corporate banking, Investment banking, Wealth & Asset management and Insurance. In the consumer banking sector, OCBC holds one the top three positions.

The bank provides personal loans, car loans & home loans under its retail lending sector. Car loans offered by the bank can be broadly put into three categories. They are – New car loans, Used car loans & Car refinancing. While new car loan scheme is applicable for people who require funds to buy a new car, used car loans offers financial assistance to people who are looking at buying pre-owned/used cars.

Why should you opt for OCBC Bank Car loan?

OCBC car loan offers you one of the best deals available in the market today; practical, affordable and has multiple benefits. Each loan scheme has been tailor-made to suit the requirements of the wide customer base. You can choose from products like new car loans, used car loans or avail refinancing options for your car.


For enhanced convenience, you have the option of switching your existing car loan liability from any other bank to OCBC. With an affordable interest rate of 2.60% p.a, you are sure to enjoy maximum savings. In addition to this, OCBC offers a wide range of profitable features and multiple benefits to car loan borrowers. They are listed below –

  • If the open market value of the car is S$20,000 and above, the borrower can get up to 60% funding of the total car price. Up to 50% funding can be enjoyed if the value is lesser than the upper limit. This arrangement is inevitably profitable for the borrower as it eases out his/her financial burden to huge extent.
  • The bank provides a long repayment tenure of up to 5 years. This definitely makes things a lot easier for the customers and helps them take care of and balance the other financial priorities in life.
  • OCBC offers car loans at very low and affordable interest rates. The interest rates go as low as 2.60% per annum. The Effective Interest Rates (EIR), inclusive of fees and charges, is around 5%, which is quite affordable.
  • OCBC’s online resources are very useful and insightful. Make use of the unique tools provided on the company’s website; like OCBC Car Loan Calculator will just require you to enter a few basic details about your car loan, and plan out the EMIs for you. This will help you manage your monthly budget with ease. After the loan disbursal, you can easily monitor your loan account with the hassle-free OCBC Bank mobile app.

The eligibility criteria to avail OCBC car loan is as follows –

  • The applicant needs to be 21 years old or above
  • The applicant needs to be either a citizen of Singapore, a Singapore PR or foreigner

With such a pocket friendly and customer satisfying car loan scheme by OCBC Bank, buying a car no longer seems like a distant dream. On the contrary, it seems very achievable. So, go ahead and avail this opportunity to buy your dream car. Happy driving!